Chile-based e-fuel company HIF Global has expressed interest in investing $1 billion in Odisha’s renewable energy sector, an official statement said on Tuesday.

The company presented its investment proposal before Odisha Deputy Chief Minister K V Singh Deo, who oversees the energy and agriculture departments. The proposed investment focuses on setting up a methanol synthesis project in the state.

Methanol, a cleaner alternative fuel, plays a crucial role in reducing carbon emissions and enhancing energy efficiency. HIF Global’s proposed project aligns with Odisha’s broader strategy to attract investments in green energy and promote sustainable industrial development.

The government is expected to evaluate the proposal, including potential land allocation, infrastructure requirements, and regulatory approvals. Officials believe that the investment could create significant employment opportunities and boost Odisha’s position as a hub for renewable energy innovation.

Further discussions between HIF Global and the Odisha government are anticipated in the coming weeks to finalize the investment framework and implementation roadmap.